"Economy and tourism" 3 workshops are organized to enhance compliance for businesses and designated non-financial professions

Dubai, 3 November / WAM / The Ministry of Economy and Tourism organized 3 workshops in cooperation with the Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, with the aim of enhancing compliance with the business sector and designated non-financial professions, and supporting partnerships with private sector institutions as a pivotal partner in enhancing the transparency of the national business environment, thus consolidating the UAE’s position as a safe and attractive economic center for investment in accordance with the objectives of the “We Are the Emirates 2031” vision.

The organization of these workshops comes within the framework of the Ministry’s efforts, represented by the Department of Combating Money Laundering and Combating the Financing of Terrorism, to raise the awareness of workers in the non-financial sectors of the requirements for combating money laundering and combating the financing of terrorism, and to enable them to adopt the best international practices in the areas of due diligence, examining sanctions, and reporting suspicious transactions, which contributes to building a compliant and sustainable business environment.

In this context, Her Excellency Safia Hashem Al Safi, Assistant Undersecretary for the Commercial Control and Governance Sector at the Ministry of Economy and Tourism, confirmed that the Ministry is adopting an integrated approach to raise the level of compliance in the business sector and designated non-financial professions through raising awareness of the necessity of compliance and providing knowledgeable tools and mechanisms that enhance companies’ commitment, while at the same time strengthening oversight of the sector in accordance with the best international practices followed.

Her Excellency explained that these workshops embody the partnership between the Ministry and the private sector in working to achieve this approach, which supports the ability of this sector’s institutions to adhere to the applicable rules and regulations, and establishes a sustainable culture of compliance that contributes to supporting the national economy and protecting it from risks, and pushes towards achieving higher levels of transparency and integrity in the business environment, in a way that supports the sustainability of economic growth and the country’s global competitiveness.

Maha Al Gergawi, Vice President of the Business Community Interest Support Sector at Dubai Chambers, said: “We are keen to contribute as an active partner in all national initiatives and efforts aimed at enhancing compliance in the private sector, based on our responsibility towards the business community, and our keenness to support the sustainability and growth of companies operating in various sectors, as consolidating the principles of transparency, governance and adherence to laws constitutes a basic pillar for developing the business system and contributing to enhancing the competitiveness of the national economy.”

For his part, Counselor Salem Al-Taniji, Director of the Anti-Money Laundering and Countering the Financing of Terrorism Department at the Ministry of Economy and Tourism, explained that the three workshops focused on a group of specialized topics, which included introducing the ministry’s tasks and the role of the Financial Action Task Force (FATF) in enhancing compliance in the country, understanding the national and sectoral risks of money laundering and terrorist financing, in addition to the obligations related to examining sanctions, examining high-risk names and countries, applying due diligence at its various levels, registering in the notification system, in addition to the mechanism for grievance against administrative penalties.

Al-Taniji pointed out that these issues come within the Ministry’s efforts to enhance cooperation with partners in the private sector and build the capabilities of specialized national cadres in the areas of compliance, combating money laundering, and combating the financing of terrorism.

The first workshop, entitled “Enhancing Compliance in the Real Estate Brokerage Sector,” addressed a number of awareness topics, the most prominent of which was discussing the understanding of the risks of money laundering and terrorist financing in the real estate sector based on the national and sectoral risk assessment.

The workshop discussed mechanisms for examining penalties, names and high-risk countries, simplified and enhanced due diligence, in addition to reviewing the registration mechanism in the system of notifications and administrative violations and the grievance mechanism.

The second workshop, entitled “Compliance Practices for the Precious Metals, Gemstones and Refineries Traders Sector,” touched on the importance of exchanging experiences and knowledge to confront money laundering in this vital sector, which is one of the sectors with high risks in the field of money laundering. The workshop addressed compliance mechanisms and tools, identifying indicators of suspicious transactions and continuous monitoring, and how to submit high-quality reports in this regard, in addition to the areas of responsible supply of gold, administrative penalties and the grievance mechanism.

While the third workshop, entitled “Compliance for the Auditors and Corporate Service Providers Sector,” focused on enhancing the understanding of workers in these sectors of compliance requirements and national and sectoral risk assessment, and raising their efficiency in applying examination and verification systems, and dealing with high-risk countries, in a way that contributes to supporting governance and transparency practices in the national business environment, and achieving the highest standards of compliance in confronting money laundering and terrorist financing.

The workshops represented executive tools supporting the Ministry’s vision of raising the level of voluntary compliance by enhancing communication and partnership between the Ministry and the business sector and designated non-financial professions and providing integrated knowledge and training tools, which reflects positively on the efficiency of the system for combating money laundering and combating the financing of terrorism in the country in accordance with best practices.

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